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Alocação de Portfólio da Poupança Para Aposentadoria no Brasil: Um Estudo de Caso Para Fundos Fechados de Pensão

Author

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  • Marco Antonio C. da Silveira
  • Tatiana Coimbra Castello Branco

Abstract

O presente trabalho contribui com estudo inicial sobre os determinantes empíricos da alocação de portfólio da poupança para a aposentadoria no Brasil. Para tanto, o trabalho lança mão de uma base de dados com informação desagregada sobre o perfil de alocação dos empregados participantes do fundo de pensão fechado de uma grande empresa brasileira. Os resultados são confrontados com os avanços recentes da teoria da alocação de portfólio para investidores de longo prazo, segundo a qual a alocação da riqueza financeira entre ativos arriscados depende não apenas do grau de aversão ao risco, mas também de outras variáveis demográficas, sociais e econômicas. This paper contributes for an initial study on the empirical determinants of the portfolio allocation of retirement savings in Brazil. To this end, the work makes use of a database with disaggregated data on the allocation profile of employees participating in the closed pension fund of a major Brazilian company. The results are compared with the recent advances in the theory of portfolio allocation to long-term investors, according to which the allocation of financial wealth between risky assets depends not only on the degree of risk aversion, but also on the other demographic, social and economic variables.

Suggested Citation

  • Marco Antonio C. da Silveira & Tatiana Coimbra Castello Branco, 2011. "Alocação de Portfólio da Poupança Para Aposentadoria no Brasil: Um Estudo de Caso Para Fundos Fechados de Pensão," Discussion Papers 1680, Instituto de Pesquisa Econômica Aplicada - IPEA.
    • Handle: RePEc:ipe:ipetds:1680
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